Which of the following statements is (are) correct? According to United States data,
a. the rate of growth in output and labor productivity has slowed over the past two decades.
b. growth in the labor force has steadily increased since 1960.
c. the growth rates of capital has slowly increased since the 1960s.
d. the rate of growth in output and labor productivity was slower during the 1990s.
e. none of the above.
E
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The buyers pay all of a tax when the demand is
A) perfectly elastic. B) more elastic than the supply. C) more inelastic than the supply. D) unit elastic. E) perfectly inelastic.
In the period 1960–95, the federal government
(a) played, in general, a much larger role in the economy during this period than prior to World War II. (b) played a small role in the economy, similar to the 1920s. (c) eliminated most of the major programs for the federal government that were established by the New Deal in the 1930s, while state and local governments began to play a larger role in the economy. (d) played a large role in defense spending but followed basically a laissez-faire policy toward the rest of the economy.